Modifying Your Loan Under the Home Affordable Modification Plan

101 Comments so far

1. Modifying Your Loan Under the Home Affordable Modification Plan … | Home Mortgage Austin on March 4, 2009 11:27 pm

   [...] home if the interest rate on their mortgage was lowered. Who qualifies? .. See the original post: Modifying Your Loan Under the Home Affordable Modification Plan … This entry was written by admin, posted on March 4, 2009 at 2:59 pm, filed under Object and [...]

2. home loan modification advice | Loan Modifications in South Florida on March 5, 2009 5:50 am

   [...] Modifying Your Loan Under the Home Affordable Modification Plan … [...]

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4. Making Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance | Mortgages Unzipped on March 6, 2009 7:32 am

   [...] lose heart — you might qualify for a loan modification under the [...]

5. Modifying Your Loan Under the Home Affordable Modification Plan … « Forex Trading on March 6, 2009 9:56 am

   [...] See the rest here: Modifying Your Loan Under the Home Affordable Modification Plan … [...]

6. Susie Black on March 6, 2009 6:03 pm

   I was behind 9 months behind in my mortgage payments went I decided I help. I decided to call 21st Century Legal Services and they helped me modify my loan to something I can afford. I highly recommend this company to anyone in danger of loosing their home. If they could help me they can help you!

7. Terrence Askew on March 6, 2009 8:53 pm

   Look into NACA. They are free!

8. New Loan Modification Program « ALL ABOUT…..Portland.Oregon.Real Estate on March 8, 2009 1:03 am

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9. SA on March 10, 2009 11:54 am

   My annual income is $110k/year and my monthly mortgage payment is $2900 (including escrow). I pay my credit card bill infull each month and there is no other loan. Would I qualify for this new program. Thansk

10. Carina McMullen on March 10, 2009 1:47 pm

    You can get a free consultation for a loan modification at http://www.modification.org/.
    The site provides professional services in loan modification. Experts focus on your specific situation and financial status, working alongside your lender to lower your monthly payments and interest rates.

11. Jim on March 10, 2009 6:11 pm

    I had a lot of trouble getting exact eligibility info for this housing plan.

    The Treasury guidelines were not all that clear and Countrywide said they didn’t have details yet. It was a very frustrating process.

    I found a site that had a free eligibility calculator to see what I could get under the plan.

    I put in basic info like mortgage amount and income (no personal stuff) and it gave me the result that I was probably not eligible, because I have more than 20% equity in my home. If you qualify, it gives you detalied info on what plan you qualify for and what you can get from it.

    I think it’s worth a look by anyone trying to find out if they are eligible for this plan and are getting the run around:

    http://www.homeaffordplan.com

12. DallasDirt » Blog Archive » Zillow Explains Obama’s New Home Loan Modification Plan on March 11, 2009 3:06 pm

    [...] PMI) to 31% of their pre-tax monthly income. For the full monty visit Zillow’s blog post here that explains the process in detail and even points you to the right [...]

13. Who owns your mortgage? « Marketmeister on March 11, 2009 5:58 pm

    [...] attached is a link to a comprehensive description of the Making Home Afforable program entitled Modifying Your Loan Under the Home Affordable Modification Plan Possibly related posts: (automatically generated)The Fannie Mae and Freddie Mac Takeover, [...]

14. Sally Rose on March 12, 2009 10:02 am

    Recently, I decided I need to get help from a loan modification program. I was down 4 months on my mortgage due to the loss of my income. After 23 years on my job, the company shut down leaving thousands of us out of work. I went to 21st Century Legal Services voted #1 in best loan modification company’s located in Rancho Cucamonga California U.S.A., not knowing what to do. They went over my financial situation and decided to do a Wells Fargo loan modification. They helped me with my loan modification letter, and agreed on a great loan modification agreement. 21st Century Legal Services a law office warned me of the many scam rip-off telemarketers pretending to be providing loan modification services. I thank 21st Century Legal Services so much for saving my home. I hope my story encouarges anyone in danger of lossing their home to call 21st Century Legal Services or check their website out. Their phone number is 1-888-483-1748 and their website is http://www.21stcenturyremod.com check out their website and watch their commercial.

    Good Luck To You All!!
    -Sally Rose

15. Russel Callahan on March 13, 2009 9:48 am

    I tried a loan modicfication through Countrywide mortgage because I was on a interest only loan for five years and the payment would have ballooned to 2300 dollars. My current payment was 1710. My wife’s hours were reduced to 18 hours a week so i call to get a loan mod. 4 months later they offered
    me a 10 year interest only loan for the exact same payment.
    How did this help me? I now have no options because my gross income is more doesnt equal this 31% crap. I’m 150,000 dollars upside down on my home. They refuse to work with me now and actuall told me to walk away from the home. I need help badly.

16. Patty Poala on March 19, 2009 12:19 pm

    When both my husband and I were layed-off from our jobs we began looking for work right away. After months of searching and using our saving for our bills we came to the conclusion that we needed a mortgage loan modification if we were going to save our home. We called a company called 21st Century Legal Services, located in Rancho Cucamonga California U.S.A. 21st Century Legal Services a law office warned us of the many scam rip-off telemarketers pretending to be providing loan modification services. So we decided to work with this company. That decision worked out really great they got us a wonderful mortgage loan modification agreement. They even helped us write our loan modification letter. If you or anyone you know is in need of loan modification help we suggest that you call 21st Century Legal Services for help. 21st Century Legal Services saved our home we know they can save yours. Good luck to you all on saving our homes.

17. Becky on April 8, 2009 8:52 am

    Oh man… I was hoping this might help us. My hours have been cut and we are about to be in big trouble (couple of months from now). The plan would have worked GREAT if it included PMI. Unfortunately it sounds like they are going to make our payments affordable, but then add back on the $400 a month in PMI. ( I know I know… we had NO Idea it was going to be so much until we were sitting at the closing table… what a nightmare). We were told that we could remove it after a year haha… not exactly. Oh well… I guess we will join the rest of the country in foreclosure. I can’t spend any more time feeling horrible and stressed out about it. I’m exhausted.

18. Title Company in Florida on April 11, 2009 12:32 pm

    I really enjoyed your post and your blog keeps my interest. Thanks for the good work

19. maha on April 16, 2009 1:36 pm

    i been trying to get a low modification with countrywide, they have been horrible to, me my husband and i are seperated and my income is cut in half,i have 2 childern a my note is 1600.00 a month and the car note is 400 a month along with daycare and living expenses, my house is only with 75,000 now it was a 200,000 house 4 yrs ago the bank said they dont do the obama house plan you need to sell your house and move or get my x to pay up the notes.

20. Concerned on April 18, 2009 6:50 pm

    Does this mean that during the 5 years of making the new reduced payment, your technically not paying your principal down? So if I have a 30 year mortgage it turns out to be a 35 year mortgage?

21. sarah on April 20, 2009 11:56 am

    I’m sorry, but why should any of you be rewarded for your bad decision-making? If you can’t afford a house, DON’T BUY ONE. It’s that simple. My fiancee and I could not afford to buy several years ago, so guess what - we didn’t! Was it hard for us to continue throwing our money away on rent each month? Yep. But we didn’t want to be irresponsible and take on too much, like 95% of the people losing their homes now.

    Stop blaming the banks; get a mind of your own. What do you think will happen if you have an ARM? Or an interest-only mortgage? Seriously, try to use your brain cells to determine the outcome. Either 1) interest rates will eventually rise, thus, increasing your monthly mortgage payments, or 2) your principal balance will eventually come due in addition to the interest, and that will also cause your monthly mortgage payment to rise. What is so complicated about this??? But then again, reading your posts, many of you can’t even spell or string together a legible, grammatically-correct sentence, so what more should I expect?

22. kateb on April 20, 2009 6:42 pm

    Google online petition S61 and sign it. Vote
    Yes to cram down.

23. Wow on April 21, 2009 6:46 am

    Wow how ignorant can someone be. I hope one day you are not as fortunate and run into financial hardships and need assistance. What if you lost your job and couldn’t pay your bills? Would you consider that bad decision making too? That decision would be out of your control. I work everyday and pay my bills but if the time comes and I need help bet your bottom I’m going to look for it. My husband and I pay taxes and if I feel that we need to look for financial assistance, we will.

24. rick on April 22, 2009 5:03 am

    Sarah, you idiot

25. Maxine Williams-Bell on April 22, 2009 6:13 am

    I think this is a great plan. I lost my job that I was making $60,000. a year now I’m fighting to save my home. My mortage company is reviewing my contract. My prayer is that it will lower my payments and that I’m blessed with a job. I am willing and also love to work. My family were victims of Katrina and I had to use my savings for my daugther and 4 grandsons.I’d like to know to whom I can speak with to get more information on this plan to save my home. I am 67 years old and can’t afford to lose my home and statr over. Please keep me in your prayers and I will you.

26. dionne on April 28, 2009 10:52 am

    I have been out of work for over six months, we’ve been working with our mortgage company to get our loan modified. Well it’s going on seven months and nothing has been do and I’m afriad that my family and I will loose our home. They said that we didn’t qualify for a loan modification, but I know that’s bull, with Obama’s new plan I know that we should be able to get some help. The interest rate is too, high and so is our payment. Please contact me if you know of someone who will be willing to help us. We love our home and my children are so happy here. Our intentions is to stay in our home and make our payments on time. We want to get back on the right track . Thank you for listen and hope that someone will be able to help my family.

27. lymit on April 28, 2009 10:56 am

    Beware of some of the so-called loan mod specialists and programs…unfortunately, there are many scams that try to take advantage of people who are desperately trying to save their homes. You can technically do your own loan modifications, but unless you know exactly what you’re doing, that’s also really risky.

    That being said, going with an experienced loan attorney may be a smart move. When a friend of mine received a notice of default, she was distraught and didn’t know what to do. After doing some research, she found The Castle Law Group and decided to talk to them. They negotiated a deal with her lender and now she’s able to afford her payments again and keep her house. 1-800-208-4883 http://www.castlelawgroup.com

    No, if you can’t afford a mortgage, it’s definitely not a good idea to buy a house. However, there are always unforeseen circumstances and sometimes hard times can hit when you least expect them. When that happens, it’s always reassuring to know where you can find help.

28. BEATRIZ on April 29, 2009 9:32 am

    FOR HOW LONG CAN YOUR MODIFICATION LOAN BE FOR. 5 YRS, 10 OR 30. IM CONFUSED. IM GOING THRU ONE AND THEY SAID THEY CAN MODIFY IT FOR THE WHOLE 30 YEARS FOR A LOW INTEREST. CAN THAT BE TRUE.
    PLEASE LET ME KNOW ASAP.
    THANKS.

29. kathy on May 1, 2009 12:45 am

    Ther are 2 kinds. One is a complete refinance. Sounds like that is what u have. The other is a modification for 5 years for the rest. We have a va loan so I think we qualify for something with that.

    To sarah, I have been a homeowner for 10 years. I COULD afford a mortgage, and did. My husband and I are both college grads with high paying careers and credit scores in the 750’s! Then, on my way to see a client during my work day, I was struck by an 18 wheeler semi truck and have been left disabled. We are looking for help. We have 2 small children too. So sarah, are we scum too like the rest? You should watch making statements like that. Most of us have lost jobs or our home values have dropped drastically and we are paying on homes that are not worth what we pay due to this whole crappy mortgage crisis. Do u really think we should sit back and suffer when the government turned its back and allowed banks to pray on so many who did not know. They were smooth talkers and assured their victims they could just refinance to a fixed rate, no problem. But, the bottom fell out of the market and there was no refinancing! People lost jobs, homes all over this. But according to u, its the consumers fault.

    As I said, we have always had credit scores above 750! Both college grads made well into the 6 figure mark. We were VERY credit worthy. But, the worst and unpredictable happened. Hope u don’t have to learn that the hard way! Carma is brutal!

30. kathy on May 1, 2009 12:48 am

    Ther are 2 kinds. One is a complete refinance. Sounds like that is what u have. The other is a modification for 5 years for the rest. We have a va loan so I think we qualify for something with that.

    To sarah, I have been a homeowner for 10 years. I COULD afford a mortgage, and did. My husband and I are both college grads with high paying careers and credit scores in the 750’s! Then, on my way to see a client during my work day, I was struck by an 18 wheeler semi truck and have been left disabled. We are looking for help. We have 2 small children too. So sarah, are we scum too like the rest? You should watch making statements like that. Most of us have lost jobs or our home values have dropped drastically and we are paying on homes that are not worth what we pay due to this whole crappy mortgage crisis. Do u really think we should sit back and suffer when the government turned its back and allowed banks to pray on so many who did not know. They were smooth talkers and assured their victims they could just refinance to a fixed rate, no problem. But, the bottom fell out of the market and there was no refinancing! People lost jobs, homes all over this. But according to u, its the consumers fault.

    As I said, we have always had credit scores above 750! Both college grads made well into the 6 figure mark. We were VERY credit worthy. But, the worst and unpredictable happened. Hope u don’t have to learn that the hard way! Carma is brutal!

    I used to call people ‘like you’ renters trash’ cause u were to stupid to figure out how to buy a home. So see, we all have carried our own idiotic ideas of people. Luckily I got over mine. Hope u do too.

31. kathy on May 1, 2009 1:01 am

    By the way, this is the land of oportunity. Why wouldn’t a family want to own a home rather than renting if it was made available and affordable. Even if I were not of my socio-ecno status, I would! That’s why our people came here. So, let’s not say harsh things about people just trying to provide a better life for their kids by owning a home. Let’s all remember, we are AMERICANS! We will overcome this stronger than before. Don’t let stupid comments like the ’sarah’ comment get us down. Those of us left standing after all has happened have tried the hardest! We have stuck in their trying to save our homes so our kids have stability. If you are having problems, call until u find someone to help. That’s what I’m going to do. I had NO control over the way my life was ruined by a fast moving careless trucker. Either way, we are all in a bad time and help is out there if u keep looking.

    Good luck to u all. Keep ur chins up. Also if u have a good story, post it. It may help the rest of us get help!

32. KAYKA on May 5, 2009 11:46 am

    MY TRYING TO MODIFY MY LOAN. I HAVE NEVER BEEN LATE ON MY PAYMENTS. WHEN MODIFYING YOUR LOAN. DO I STILL HAVE TO SEND MY MONTHLY PAYMENT IN? EVEN THOUGH I WAS TOLD THAT IF I NEED THE MONEY NOT TO SEND IT. BUT WOULDN’T THAT AFFECT MY CREDIT?
    IF ANY OF YOU KNOW PLEASE LET ME KNOW.
    GREATLY APPRECITATED.

33. Short Sale Assistance on May 11, 2009 7:42 am

    Awesome post. I will be sure to come back and also tell others about your site. Nice Post

34. SAM QUACH on May 12, 2009 3:23 pm

    Will lender modify 2nd home or they only modify the house which you live in?
    My employer cutting my hours,and i had been using my credit card to pay for mortgage bills etc.. My 5 years arm rate will expire in 2 month and home values is upside down. It was $260,000 and now is only worth $90,000.

    I don’t want to walk away but i need any suggestion i can get. PLEASE HELP ME.

35. Peter Ccollins on May 12, 2009 3:51 pm

    Obama just realeased a new provision allowing second mortgages to be modified. Check out http://loan-modification-expert.blogspot.com/2009/05/making-home-affordable-adds-second.html#links

36. How can I Stop Foreclosure on May 13, 2009 6:23 am

    Great information about the economy, I enjoy your blog and look forward to more information.

37. kayla on May 13, 2009 7:15 am

    Does any one know long is does it take to modify your loan? 1 month? 2 months?
    Will be waiting for a response.
    Thanks.

38. jim kelly on May 19, 2009 10:01 am

    quesiton.. I know of a houselhold refinancing and they were told they are approved. Does anyone know if the program examines the factor a co-signer plays on the note. With a co-signer who is considered wealthy where is the risk for the loan provider??? Since the co-signer is technically responsible for the loan how would the owner qualify for the cramdown since the seconder obviously has the income?? Is the government that careless when examining the applications??

    Thanks..

39. Kevin on May 20, 2009 7:30 am

    I’ve been trying to do a load modification with countrywide through 21st century since November of last year. They just told me I might get denied after 6 months. what do I do now? My mortgage payment is 1600 a month and I have not paid that at all. I’ve lived in my home for 8 years and I am scared to death. Is there such a thing as a repayment plan to catch up on past mortgage payments?

    Thanks …

40. Fred on May 20, 2009 11:47 am

    I applied for the home loan modification with Chase on May 11. They said I would have a decision (I qualify according to the federal criteria) between June 10-25.

41. JD on May 22, 2009 12:59 pm

    I have been dealing with Wells Fargo regarding the Home Affordable Modification Program since the beginning of this year. I have yet to get an answer if I am accepted or not. I am sure that they are receiving a huge amount of requests for this matter, but c’mon, 4+ month with no answer? I just got off the phone with them, they said to continue to call back on a weekly basis until they have an answer.

42. Dee on May 25, 2009 6:55 am

    I was just offered a loan modication through Country wide who is now Bank of America. Reading through the paper work the modification sounds good look goods coming from a monthly payment of 1801 to a modification of $674.00. But I must be on a trial period for three months and pay on time. After reading the paperwork I called BOA to confirm and asked questions, like after this three month trial period how much will my payments be monthly and will it include escrow. I was told that they will try to keep at the same ($674.00)a month. What worries me is that they cannot tell me after that three month period what exactly will my payments be. I’m worried and do wish to lower my monthly payments but I am also scared if it would really benefit me or is something behind this. If someone out there has had there load modified please tell me is it worth it I’m now stressed behind this.

43. Making Home Affordable on May 27, 2009 2:28 pm

    The Make Home Affordable Loan Modification and Mortgage Refinance Plan is awesome.

44. Jennifer K. on May 27, 2009 7:51 pm

    This company is one of the most reputable modification firms out there. They work with borrowers to modify their existing loans with a money back guarantee. They are licensed with the DRE, BBB, and State Bar Association. Check them out at http://www.ushomesupport.com.

45. candice on May 30, 2009 8:15 am

    I am told I qualified for the Home Affordable Modification , at a 2% rate. I ask the Citi representitive wheather that was goog for 30 years. He said it was. Is this too good to be true ??
    Candice.

46. Loan Modification on June 1, 2009 1:42 pm

    WoW Candice yeah that sounds a little to good to be true but it is quite possible. see there is two ways of really going about the Make Home Affordable Loan Modification….
    Given>>>> The new mortgage payment needs to be about 31% of what you take home in terms of income.

    1> The lender can write down the principle balance of the loan.
    This however is unlikely because in the event that you come in to some money right away or in the next few years you are able to avoid any interest at all and still recieve fullbenefit of the write down. Also and more likely the catalyst for reducing interest is that the bank will then have to take a loss instead of a lower revenue which could be seen as a tax benefit but earnings per share is everything in this day and age so it is not worth it to those in charge.

    2> The lender can write down the interest and then all of sudden they get some great viral marketing like you are doing right now. and they are still abnle to collect a free 1000 dollars cash above and beyond from Obama. Nice.

    still lets give citi a hand for the effort!!!

    Sign IT!!!

    You can learn more about all this stuff at
    http://www.hopenhousing.org

47. John on June 1, 2009 5:33 pm

    Does anybody know if your mortgage must be a variable rate mortgage to qualify for the Home Affordable Modification program? I read everything I could get my hands on and saw no reference to the type of loan a person must have in order to modify it. But when I contacted B of A, (my loan holder)they said I wouldn’t qualify becuase I had a fixed rate mortgage. Why should that be a factor? I am interested in lowering my payments due to sudden, unexpected loss of income.

48. Linda on June 2, 2009 5:52 am

    John, I also have a B of A and a fixed rate loan. They told me I did qualify. My loan is also a Freddie Mac loan which might be the reason mine qualified. Try to find out who actually owns your loan. If it is Fannie or Freddie you do qualify as long as you meet their guidelines, does not matter if it is a fixed rate or not. If you go to the making home affordable website there is a way to contact Fannie or Freddie. You put in your property address and they will tell you if they own the loan or not. B of A can also tell you although getting a person on the phone that knows what they are talking about is sometimes difficult.

    I am going on 60 days now waiting to find out if our mod is approved or not. They said it could take up to 90 days.

49. Elba Caraballo on June 3, 2009 2:21 pm

    My husband and I are trying to get our loan modified because I was forced ito early retirement and he is currently collecting a small check due to a medical leave from work. I sent the necessary paperwork to our mortgage company to try to get our monthly payment reduced and was advised (since they have not confirmed receipt of the paperwork) that there are only two options for us and they are: refinance or sell. We don’t want to do either, we would like to reduce the interest rate, bring our payment down so that we can continue living in our home. What is this hooplah about ‘making home affordable’ program if they are not willing to work with us. We need to stop paying on our home to qualify for a loan modification. Where can we go from here?

50. Kayla on June 3, 2009 2:43 pm

    ALL SEE ALL OF THESE COMMENTS AND QUESTIONS. DOES ANYBODY ANSWER THEM OR HAVE ANSWERS OF US? I SEE NO ANSWERS BACK IS SOMEONE FROM THIS WEBSITE GOING TO ANSWER? I SEE THE SAMES COMMENTS AND QUESTIONS OVER AND OVER WITH NO RESPONSE AT ALL WHAT SO EVER. OR IS THIS JUST A VENTING WEBSITE?

51. Diane Tuman on June 3, 2009 3:04 pm

    Kayla and everyone: If you have questions about loan mods, the best place to get advice is the Loan Modification section of Zillow Advice. That’s where real estate professionals and others monitor questions and answer them, when possible. http://www.zillow.com/advice/US/mortgage-loan-modifications/question-discussion/

52. Oliver on June 15, 2009 11:20 am

    Short Sales are all in the Hardship!

    This is your opportunity to “sell” your case to the lender… a good hardship letter will go a long way in getting you what you want! However, dont try to fake or embilish the hardship, that will come back to haunt you!

    Oliver

    If anyone has questions, contact me at:

    http://www.twitter.com/olivermgraf

53. Oliver on June 15, 2009 11:23 am

    Short Sales are all in the Hardship!

    This is your opportunity to “sell” your case to the lender… a good hardship letter will go a long way in getting you what you want! However, dont try to fake or embilish the hardship, that will come back to haunt you!

    Oliver
    If anyone has questions, contact me at:
    http://www.twitter.com/olivermgraf

54. Alex on June 18, 2009 7:02 pm

    My parents had pretty much a similar case to most of the people here asking for help. What they did they contacted their actual lender for a Loan Modification. Everything went smooth and they were able to save their home. Couple of months after, things got tough again, the lender was not able to help. I believe they were about 7months behind, they filed for bankruptcy to stop the foreclosure, it worked! Its been almost a year and were able to re-do a loan modification, i know there is a more detail and paper work, but the point is that there is help out there. So don’t give up!

55. Vicki on June 22, 2009 3:50 pm

    My husband and I purchased a house in 2006. We both had jobs. My position was eliminated last August and I have not been able to find employment yet. I am receiving unemployment, thankfully. We have struggled to continue to make our mortgage payments while waiting for approval of a loan modification. After 3 months of waiting, we were told we do not make enough income to lower our payments. We are at a loss - any ideas or suggestions?????

56. JohnS on June 22, 2009 10:04 pm

    I agree - this is inanity. The loan modification program is designed to help people whose incomes have dropped and thereby has made it hard for them to afford their house payments. So, what logic is there in a lender telling someone that their income is too low for their payments to be lowered. That’s the whole point of the modification program - to help those with decreased income!!!

57. SNV on June 23, 2009 3:31 pm

    We are current, but have been trying to get our lender to modify our loan since Feb 09. Supposedly, it is up for “final approval” and I should get paperwork “soon.” My first question is: Is there any time limit to this, or can it go on infinitely? My second question: Does the owner-occupancy requirement extend after the loan modification is approved? What if my husband gets transferred by his company next year and we are still underwater?

58. Make Home Affordable on June 24, 2009 9:54 am

    This is a great program

    great for homeowners

59. Mortgage Loan Modification on June 25, 2009 5:28 am

    Good info post. Thanks so much for sharing this blog.

60. making home affordable on June 27, 2009 1:42 pm

    This is in reference to John S.

    Yes it can seem quite retarded for someone to tell you that the assistance program for those homeowners in need is out of your reach bc you are to much in need. I got a bit dumber just by writing that.

    But you see john the problem is that this is all about earnings per share and it always will be. Things have gotten pretty bad so lenders are doing more especially with the lender incentive that Obama has put in place, wisely. But the fact remains that your lender will do what makes the most financial sense…well that is the idea anyway.

    Any how you may be able to stay in your home for some time regardless as this is a growing trend so start saving and I would hold back on any payments on defaulted mortgage obligations unless they are going to work with you.

    Also if the dirty does go down then you perhaps should ask about any available cash for keys programs that may or may not be available. You can learn all about that here @ http://www.hopenhousing.org/cash_for_keys.html

61. Susanne Luzenko on June 29, 2009 2:08 pm

    Great blog!!! I only have one advice, if you can’t get a modification done by yourself,don’t give up and invest in professionalhelp.

    A loan modification company that is affiliated with a Law Firm is the most secure way.

    A friend of mine was denied twice by his lender seeking help through a loan modification. He went through a awesome loan modification firm in Florida which is affiliated with a Law Group in the Tampa Bay area.
    This company was able to reinstate his mortgage and modified it, saving him approx. $1600 monthly.
    They have done an incredible job for so many people and they really seemed to care a lot. He told me that they were such a blessing.

    You can look up their website @ http://www.firstmortgagemods.com. They have also helped people who have investment properties and have done an amazing job with that.

    Their are definetly worth to check out.

62. Jim on July 10, 2009 11:26 am

    as a general rule, I’d caution against any kind of loan mod company, especially one in Florida or Texas. Just do it yourself. It’s a matter of gathering a bunch of stuff for the application and following through with the lender. Persistence pays off. The professional services offer nothing that you can’t do yourself and they charge ridiculous fees.

63. Loan Modification on July 14, 2009 1:02 pm

    If you are struggling with your mortgage payments or facing foreclosure, talk to an attorney’s office that specializes in home loan modifications.

64. Loan Modification on July 14, 2009 1:33 pm

    For all the negatives that have been written about loan modifications, and there have been a lot, the option is far and away the best option for struggling homeowners trying to stay in their homes and preserve their credit scores. As property values have plummeted, the possibility of selling or refinancing the home has been erased. That leaves foreclosure, a short sale, or short refinancing as the remaining options outside of a loan modification for homeowners to resolve their issues with their lenders.

65. Loan Modification on July 14, 2009 1:34 pm

    the negotiation of terms on a mortgage is not in the normal purview of a homeowner. Hiring legal representation is the best way for a homeowner to ensure that will get the best results possible for their personal situation.

66. Jerry on July 16, 2009 6:44 am

    We sent all the documentation in to modify our loan(interest rate) and we were denied but for no reason at this time. We have never been late with our house payments - but we have a 9.5 % interest rate - all we want to do is lower the interest rate? We meet all of the specifications but AHMSI is not interested in lowering the interest rate. They told us to re-apply in 2 - 3 months. Being that we have been paying on time - do we not qualify for this modification? Please Advise & Thank-You.

67. ShutUpImThinking on July 16, 2009 1:01 pm

    I have a mortgage with First Franklin (aka Home Loan Services). In December, after I was laid off, my co-borrower and I submitted paperwork for a loan modification. In January, I was re-hired on a part-time basis and I also got a second full-time job. In March we were told that we had to complete a 3 month trial period in order for them to consider a modification. In May we sent in the final payment of the “trial period” and I asked if he knew what our new payments would be (the “trial period” payment were approximately $200 more than a regular payment) and I was told that it would be what we were paying now. I was outraged and told him that that would be very difficult for us, seeing as how we could barely pay the regular payment. He told me that because I now had two jobs that that was what they calculated. He actually told me to quit one of my jobs to avoid the higher payment.

    I explained to the mortgage rep on several occasions that I was holding onto the second job because we needed that just to keep our heads above water; had I quit that job, there was no way I could afford what they asked during the trial months. We got the final paperwork in late May and sure enough, the payment was $250 more than our original payments! There was nothing we could do: We were told that if we didn’t agree to the terms of the agreement, foreclosure proceedings would recommence and we could lose our home. I was also told that we could not request another loan modification for at least one year.

    Not two weeks after signing that document, I was offered a full-time position at my first (higher paying) job which left me unable to work at the second job. My co-borrower will be going on maternity leave in the next few weeks and I don’t know how we are going to manage the household bills.

    I’ve talked to one loan modification attorney who thinks what we agreed to was not a loan modification, but rather a repayment plan. He explained that a loan modification is supposed to benefit homeowners and since neither our interest rate (8.85%) nor our principal was reduced, it cannot be considered a modification and we, therefore, would be eligible for the government’s loan modification programs.

    Unfortunately, I didn’t make copies of the paperwork but I have requested them. Does this sound like a loan modification or a repayment plan? Is it true that First Franklin is not participating in any government backed loan modification/refinance programs? Does anyone have information that could help?

68. Home loan modification on July 27, 2009 3:18 am

    Thanks for given this informative post…

69. Jen on July 30, 2009 8:18 am

    Does anyone know if you can qualify for the loan modification program if you have IRA assets? Basically, what I’m asking is, does this program only take current income into account? I just applied and am wondering why they want my 2008 tax return. I still had a job last year and my 2008 tax return does not reflect my current situation at all. I went from making $92,500 to unemployment last December like so many others.

70. Martha on August 16, 2009 12:23 am

    To Jen Above, I know that Loan Mod Programs are asking for IRA assets because they want to know the amount you have in that account to determine a figure for your interest rate or payment plan to be reduced by many factors. If you are unemployed and receiving money they want to calculate the monthly income coming in and what they can bring down or ask you to pull from your IRA which I hope they can work with you.

    I agree with Jim above: “The professional services offer nothing that you can’t do yourself and they charge ridiculous fees.”

    Don’t be the next victim of so many loan modification fraud companies out there. The first thing you should absolutely do is: Contact the BBB and ask them if XYZ company is accredited with them and if so what is their rating. Second question is ask that XYZ company if they are registered with the Department of Real Estate in their State. Ask for License Number. Too many people have been taken advantage of and won’t have a home because the money they spent on the Loan Mod Company could have gone for a payment they were behind on. I suggest you also look up RipOffReport.com and investigate further. Remember that 100% money back guarantee is a huge catch. It only means it’s 100% money back within the first 3 to 5 days of you signing up with the LoanMod Company. Be very cautious. If you want to save money you may want to try something my sister tried first and was successful. It’s a DO-IT-YOURSELF LOAN MOD KIT. Very easy to follow step-by step instructions. Go To:

    http://www.UnlawfulMortgageLoans.com

71. peat on August 23, 2009 6:28 pm

    Wow, Sarah is an idiot!
    Do you expect the world and its economy to be in the exact same state as the day we bought our house?
    Yes, we all can afford a home, atleast at first.
    A mortgage is a 30-40 years commitment not like a car loan. You will never know what state the worlds economy will be in. If theres a recession or problem, there should be a clause in the contract that help make the mortgage affordable until borrowers are back on their feet again.

    Lenders should consider putting something like this into future contracts.

72. Brian on August 24, 2009 1:04 pm

    I am curious about the credit part to this. Does anyone know what will show on the credit rating for the mortgage after a modifcation is completed? My neighbor is looking at a modification, but he’s self employed and really needs to make sure his credit score isn’t impacted negatively since he’ll need credit for his business in the future. I haven’t found anything that talks about the impact to the credit rating, especially for those that aren’t behind on his/her mortgage.

73. Jason on August 24, 2009 7:27 pm

    This is a great, very informative article. Contacting your mortgage servicer is the most important step. If you are not sure who to call go to http://www.aboutyourmortgage.com. This is a free service that will provide contact information and forward you directly to the department that you need to speak to. No waiting on hold.

74. Jason on August 24, 2009 7:29 pm

    Brian,
    No you credit will not be impacted by a modification. However, keep in mind that every situation is different. Your neighbor should ask his/her servicer what affects the modification will have on their report and get the answer in writing. This modification process is new to most servicers and the personnel have not all been trained to handle the volume of loans they are dealing with. Mistakes happen, they are all human. Get answers in writing and monitor your credit post modification.

75. property agent singapore on August 27, 2009 7:05 am

    Thanks for the information. It gives me a very good idea on my project here.

76. Modification Submission on August 28, 2009 12:59 pm

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77. Rockon on August 31, 2009 11:02 pm

    Hi…
    I agree with Jim above: “The professional services offer nothing that you can’t do yourself and they charge ridiculous fees.”This is your opportunity to “sell” your case to the lender… a good hardship letter will go a long way in getting you what you want! However, dont try to fake or embellish the hardship, that will come back to haunt you!

78. Jeff Trexler on September 1, 2009 2:29 am

    The great subprime crisis left all of us in a bay of fire. However it seems that things are getting better. Home Affordable Modification Plan actually seems a ray of hope, but really can’t say how effective its application would be. To qualify for it, in itself is little bit difficult. I felt that this plan suggest minimum standards and not a maximum.

    Recently I read about ACCORN Housings modifications in the HAMP. It sounds cool. This can make HAMP more sustainable and give better housing solutions I suppose.

79. Debbie Carroll on September 4, 2009 11:48 am

    Can I be denied because of property equity? Well I was and my house is worth about $200,000 and my mrtg is $140,000. For 15 years I had a mortg with Chase and spent 4 months waiting for an answer on this modification. I am so dissapointed and am going to fight this!!!!!!!!!!!!!1

    Its not right. I’m struggling like everyone else!!!!

80. loan modification on September 7, 2009 12:40 am

    Lenders are being put under alot of pressure by HUD to get more homeowners into trial modifications. Lets hope that this lasts…. As far as qualification for a loan modification under HAMP, yep the basics are in this article. Make sure that you contact your lender first and ensure that your mortgage isn’t held by an investor that doesn’t participate!

81. Mrs Jones Williams on September 8, 2009 7:27 am

    I am Mrs.Jones.I am widow with 3 kids and was stuck in a financial situation that i was fixed and needed refinace behind bills.I tried seeking loan from various loan firms both private and corporate but couldnt but as God would have it,i was introduced to a man of God a private loan lender,by the name Travis Harrop,who gave me a loan of $28,000 USD and today am a business owner and my kids are doing well the last in college.So dear,if you must contact any firm with reference to securing a loan with low interest rate and better repayment plans and schedule,please contact Travis Harrop via his private email: travislendingfirm@gmail.com

82. racheli on September 8, 2009 4:03 pm

    Thanks for the information Katie,
    Recently from information I gathered and from experience I had from clients of mine, the “Do It Yourself process” IT IS NOT the way to go! I wish it was. The banks in a way are tripping their borrowers and deny the modification. If a Congress woman was unsuccessful getting the bank to comply what chance does “Joe the Plumber” or “Mary the Teacher” or anyone else has????
    Watch her VIDEO GO TO http://www.loans-4-u.com/blog (scroll down 1/2 way)
    I found that dealing with a professional (lawyer preferably) that does 20-30 of them a month, increase your chances.

    If you have applied for a loan modification yourself and succeeded we are gathering stories, please submit your story to info@loans-4-u.com ; you may be picked to be featured in a “Loan Modification Success Stories” Book.

    In South Florida I work with an attorney and help clients modify their loans.
    Debbie Carroll on September 4, 2009 11:48 am you posted but no contact was given. you may qualify to modify the rate and term, they WILL NOT modify your balance as you are OK there. Feel free to Email me at info@loans-4-u.com

    Thanks
    Racheli Refael Smilovits
    Senior Mortgage Advisor

    P.S. check the link below
    http://www.loans-4-u.com
    Bio http://www.MeetRacheli.com

83. mario on September 10, 2009 9:39 pm

    i had success with a do it your self kit and the HAMP program. the kit was from http://www.myhss.net. it came with a forensic audit and a step by step that had a hamp checklist that guaranteed a successful submission process. i have heard that the lenders do try to use ploys that get homeowners to have a poorly submitted request that gets denied and then supposedly you cant resubmit for that program. its tricky, but definitely able to be done your self. if you follow the instructions carefully and check your package over thoroughly before submitting it you should have luck, assuming you qualify.

    Mario, PA

84. Free Loan Modification Kit on September 12, 2009 12:20 pm

    In my experience the Obama plan can be great for people who qualify, but sadly many homeowners who need help the most aren’t qualifying for this plan…

85. John on September 15, 2009 12:00 pm

    The irony is that - if you are having trouble coming up with each month’s mortgage payment, then you are also likely to be unable to come up with the money to pay someone to help you. Plus, you can’t gamble away the money that you need to keep up on those payments. There should be attorneys who will help you and only charge if and when you are successful getting a modification. But I have seen nobody out there willing to do that!

86. lilli on September 17, 2009 12:18 pm

    so we found out today, due to the current economy our house is now 100,000 dollars lower in value. so we have a loan on the home that is devalued. we have never been late on a payment and would just like a lower interest rate… this modification plan doesn’t work for us because we gross too much… all beit our heating bill was close to 1000.00 last winter and we pay for insurance, and forced union dues and taxes so with our net our housepayment is close to 50% of our house payment. frustration only begins. i accept the loan, could we take advantage of a better rate?

87. Loan Modification on September 23, 2009 7:10 am

    There’s so much misinformation out there that people don’t really know what is and is not. It’s refreshing to see people that know what they’re talking about. You have an Informed commentary seems to be a rare commodity these days. Keep it coming

    Here is another useful article on loan modification programs: http://loanmodadvice.wordpress.com/2009/09/23/the-key-to-successful-loan-modifications-home-loan-modification-advice/

88. Loan Modification Help on September 23, 2009 8:11 am

    This post answers lots of consumer questions about loan modifications. Great information, thank you

89. Mark Willett on September 25, 2009 9:07 pm

    Just be aware that many companies will try to charge you thousands to modify your loan under the HAMP program. Checkout this video of a service where you can do your loan mod yourself. There is no affiliate links or anything - just some info and a link to the companies web page.

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91. Michelle Iglesias on October 15, 2009 5:30 am

    My husband and I did successfully get a loan mod agreement through HomeEq Servicing, however we decided not to take it.
    Our original payment was $2832 a month without taxes and insurance. They agreed to lower our interest rate for 2 years to 2% and 3 years to 3%, so for the first 2 years our payment was going to lower to $1758 a month. However, since we had not paid for 13 months and the legal fees that accumulated they tagged on an additional $73,000 to our original interest only loan of $433,500. So our loan amount was now $506,000 for a house that is now worth around $180,000 if we’re lucky.
    Since we also have 2 other apartments we bought in the craze, one already foreclosed by association and the other on the way, and about $50,000 in unsecured debt, we decided bankruptcy was the best solution for us. It’s very stressful and I’m freaking out honestly, but I just don’t see the sense in paying for a house on an interest only loan that is so underwater that even in 2 years I would not be able to sell. I think the time is now for us to get out and start all over.

92. Isabell Washington on October 18, 2009 10:03 am

    My husband passed away and left me with a Bank Mortgage on our Manfactured home which I am unable to keep up with and am presently behind in payments.

    Does this program apply to me, or are there any programs out there I may take advantage of. My home is permanently erected on a site in a privately owned park where I pay rent to the landowner.

    I appreciate any information or leads you can help me with.

93. Molly on October 20, 2009 6:40 am

    Thanks for the great advice. Your article really helped me!

94. Ross on October 21, 2009 2:47 am

    Ah, I see that a new typ of business has arisen from the depths of the economic crisis. Loan modification specialists! I’m glad someone is finding a silver lining around this dark cloud, other than fat cat bankers and investment analysts that is.

    Not to take the bread out of anyone’s mouths BUT before you go running off to a loan modification specialist may I suggest you do a little research on your own (that’s how I ended up here.) There are so very many blogs and websites giving away the pertinent facts for free that with a little effort you should be able to figure most of it out for yourself. Even if you can’t at least that way you’ll be a little more educated on the subject. I know I’m a lot more well-versed than I used to be, and a lot more prepared to avoid finding myself in this mess again!

95. Loan Modification on October 22, 2009 4:00 pm

    A Loan Modification is when a lender restructures the terms of your current mortgage because of an adjustment in your loan, hardship, bankruptcy or loss of equity. The purpose is to help make your loan more affordable. Usually it is in the form of a permanent rate reduction, fixing the rate for a certain amount of time, or many other mortgage solutions. I got my Loan Modification from PLSLAW Group, these guys are great.

96. Social Network on October 22, 2009 4:01 pm

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97. Sarah Fordham on October 26, 2009 8:40 am

    How ridiculous are some of these commentors? I am thinking specifically of the guy who is asking your to fill out a form he has typed into the blog comment in order to engage his home loan modification expedition services. Here’s a tip, if you can’t do research on how to properly apply for a modification, you probably should not be getting one. If you still think hiring some guy to do it from a web blog comment is your best bet, check your email, chances are you may soon be getting a windfall from a deposed Nigerian prince!

98. Jason on October 26, 2009 10:24 am

    Sarah,
    I wish I could cut and paste your comment on every modification blog on the net. I don’t think I have heard anyone say it better.

99. Making Home Affordable on October 26, 2009 4:34 pm

    A Loan Modification is when a lender restructures the terms of your current mortgage because of an adjustment in your loan, hardship, bankruptcy or loss of equity. The purpose is to help make your loan more affordable. Usually it is in the form of a permanent rate reduction, fixing the rate for a certain amount of time, or many other mortgage solutions. Making home Affordable is very important and PLSLAW Group helps, these guys are great.

100. Home Affordable modification on November 4, 2009 12:56 pm

     Home Affordable Modification is great and if you have any problem getting home affordable modification you may contact PLSLAW and they have a group of proffesionals who can help.

101. Greg on November 22, 2009 10:08 am

     Feldman Law Center has been providing loan modifications for 2 years now in California and was one of the first law firms providing this service with great success.We have developed a loss mitigation software that maintains HAMP guidlins as well as updated lender submition criteria. Recently we have seen many of the lenders decline loan mods after the trial mod period claiming the client can’t afford the home or makes to much income after all. If you have been declined for a loan modification or fear your lender is treating you unfairly, call the Feldman Law Center. We have helped thousands of homeowners find the right solution to stay in their home.If you are located out of the state of California we will be happy to reffer you to a legitimate attorney for help. Feldman Law Center is SB94 compliant and will not accept upfront fees until each phase of the loan modification process is completed.In most cases we are able to stop a trustee sale without the need to file bankruptcy one day prior to sale date. Lenders know who we are and with an attorney on your side they are forced to listen. Don’t let the lenders push you around or make unreasonable demands you can’t meet. Call our office at 800-527-8497 or visit http://www.feldmanlawcenter.com- Our attorneys review EVERY case and can explain to you all your options.